Europe Smart Mining Market to 2027 - Regional Analysis and Forecasts by Component ; Mining Type

Europe Smart Mining Market to 2027 - Regional Analysis and Forecasts by Component ; Mining Type

  • March 2020 •
  • 117 pages •
  • Report ID: 5887372 •
  • Format: PDF
The European smart mining market was valued at US$ 1,699.8 million in 2018 and is projected to reach US$ 7,968.8 million by 2027; it is expected to grow at a CAGR of 19.2% during 2019–2027. Increasing demand for minerals and metals is leading to the expansion of mining activity, which in turn drives the growth of smart mining market. Increasing middle-class population and urbanization in countries such as Germany, Russia, and the UK are offering ample opportunities for key market players in the smart mining market. Rapid technological developments, government support, growing digitalization, and rising disposable income among middle-income class population are the major factors helping economy to move forward from the developing to a developed phase. Additionally, among world’s top 40 mining companies, close to half of the number reside or closely tied up with the region. The mentioned factors are anticipated to contribute to the growth of European smart mining market. The European mining industry excels in the underlying implementation and development of smart mining techniques enabling sustainable extraction and ore processing under technically and economically viable conditions by meeting stringent environmental standards. Such factors are anticipated to contribute to the growth of European smart mining market. The European smart mining industry is considered one of the most innovative mining sectors. Mining activities across the European region requires research and development processes. As the consumption of industrial minerals and metals in Europe has increased in the past few years, high-level smart mining technologies are introduced which supports mining extraction, exploration, and beneficiation. The mining industry also promotes advancements in the areas of environmental, health, and safety protection.
Based on component, hardware segment led the European smart mining market with a decent market share.Wearable devices have been noted to find applications in the mining industry to regulate production processes in hard rock mines, health and safety management in coal mines, and monitor environmental quality in industrial mineral mines.

For example, a smart safety helmet has been developed with methane and carbon monoxide gas sensors to warn underground coal mine workers when the concentration of harmful gases exceeds a given limit.
The overall size of the European smart mining market has been derived using both primary and secondary sources.The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the European smart mining market.

It also provides an overview and forecast for the smart mining based on all segmentations provided with respect to the European region.Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data.

The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the smart mining industry. ABB Ltd, Alastri, Caterpillar Inc, SAP SE, Trimble Inc, and Hitachi Ltd are some of the key players present in the European smart mining market.
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